PYMNTS

SEPTEMBER 10, 2019

The B2B payments discussion often centers around innovators’ efforts to kill the check. Unfortunately, simply introducing an electronic alternative to paper checks is not enough to kill this sticky and popular payment method. B2B Payments’ Innovation Agenda.

B2B 59

B2B Cross-Border Payments Payer 59

PYMNTS

NOVEMBER 12, 2018

continues its move to adopt the ISO 20022 payments messaging standard, the Bank of England is reportedly planning to create a panel aimed at streamlining the adoption of the standard for more efficient payments in the country. for the New Payments Architecture (NPA), which will clear and settle all of the U.K.’s

Payment Message 77

Payment Message ISO 20022 Message Standards ISOs 77

PYMNTS

JULY 9, 2020

There’s no single path to payments infrastructure innovation. This week’s examination of the latest initiatives to target B2B payments friction from the ground up finds a mix of strategies. For some, like Currencycloud and Steamchain, the path involves bypassing legacy payment rails and embracing blockchain.

ISO 20022 77

ISO 20022 Blockchain Cross-Border Cross-Border Payments 77

PYMNTS

JULY 9, 2018

’s Faster Payments system has caused a backlog of transactions still waiting to clear hours later, according to BBC reports from Monday (July 9). The NPSO only recently acquired control of the Faster Payments scheme, as the government consolidates the nation’s payments systems under one roof.

Faster Payments 40

Faster Payments ISO 20022 Message Standards Payments 40

PYMNTS

SEPTEMBER 23, 2019

Corporates have growing expectations for faster, more efficient and more secure B2B payments — whether their money is moving from one business unit to another or one country to another. Payments Speed and Security. As financial institutions gather for this year’s Sibos conference kicking off in London today (Sept.

B2B 49

B2B ISO 20022 Payment APIs and Integration ISOs 49

PYMNTS

AUGUST 28, 2019

Paper checks are often pointed to as an example of how difficult it can be for corporates to change their payment behaviors. With newer digital, automated payment technologies emerging in the B2B space, businesses continue to stick to what’s familiar: paper. Speaking The Same (Payments) Language.

ISO 20022 52

ISO 20022 B2B Real Time Payments ISOs 52

PYMNTS

JUNE 13, 2018

PayStand , a B2B payments company powered by blockchain, is launching in Canada. A press release on Tuesday (June 12) said PayStand is introducing its Payments-as-a-Service (PaaS) solution to the Canadian market. The company’s launch in Canada is part of PayStand’s global push to digitize B2B payments, it said.

Electronic Funds Transfer (EFT) 43

Electronic Funds Transfer (EFT) B2B Blockchain ISO 20022 43

PYMNTS

NOVEMBER 18, 2020

The pandemic has exposed glaring points of friction in any number of verticals – including banking, where it’s apparent that legacy systems and processes were not designed to handle real-time anything, and certainly not payments. economy is proving to be a tailwind for faster payments and processes. That said, the U.S.

Real Time Payments 98

Real Time Payments ISO 20022 Reconciliation Payments 98

PYMNTS

JULY 31, 2018

financial players are still exploring the best practices to offer faster payments to corporate clients. A recent survey of 20 of the nation’s top-60 banks found that there’s a lack of consensus among banks when it comes to managing and charging businesses for real-time payments. Around The Faster Payments World.

Real Time Payments 59

Real Time Payments Payment Networks Faster Payments Online and Mobile Banking 59

PYMNTS

AUGUST 31, 2017

With the financial services space shifting from a competitive nature to a collaborative spirit between traditional banks and emerging FinTechs, one major stakeholder in the payments industry has quietly been an integral part of this co-op: the Federal Reserve. It’s not just consumer payments that are driving this evolution, though.

Federal Reserve 64

Federal Reserve Innovation Secure Payments Task Force Faster Payments 64

PYMNTS

FEBRUARY 21, 2019

As has been reported, the European Payments Council said in November that it had launched a new SEPA instant payment scheme across P2P and B2B payments, among other offerings, settling transactions within seconds among participating countries. Faster Payments In Asia.

Cross-Border 76

Cross-Border Cross-Border Payments Real Time Gross Settlement (RTGS) Rules 76

PYMNTS

DECEMBER 23, 2016

The PSR is also pursuing the adoption of common payments messaging standards, like ISO 20022, for the payment service operators of Bacs and the Faster Payments Service (FPS). Both Bacs and the Faster Payments Service are critical in enhancing B2B payments across the U.K.

ISO 20022 49

ISO 20022 Message Standards Faster Payments ISOs 49

PYMNTS

DECEMBER 12, 2019

continues to take significant steps toward a faster payments ecosystem , the market undoubtedly lags behind others across the world in the path toward real-time payments ubiquity. as the market explores how to wield a competitive private sector to promote faster payments. Though the U.S. Learning from World Peers.

RTP 72

RTP Real Time Payments Faster Payments Cross-Border 72

PYMNTS

JUNE 7, 2018

.’s payments messaging operations through the planned adoption of the ISO 20022 messaging standard, the bank announced Wednesday (June 6). The NPSO, which operates Faster Payments and BACS, is working with the central bank to develop a “Common U.K.

ISO 20022 46

ISO 20022 ISOs Real Time Gross Settlement (RTGS) Message Standards 46

PYMNTS

MAY 1, 2019

.” NACHA Chief Operating Officer Jane Larimer, meanwhile, also praised Volante for its support of ACH, Same Day ACH and ISO 20022 messaging standard adoption among U.S. financial institutions.

ISO 20022 66

ISO 20022 Same Day ACH Cross-Border Payments Payment APIs and Integration 66

PYMNTS

JANUARY 17, 2017

Faster payments initiatives are just one example of how a changing payments landscape means institutions need to alter their testing approaches, Gilde said. You can’t stay current with the types of things you’ll have to do in a faster payments landscape if you use your legacy approaches,” he stated. “You

ISO 8583 49

ISO 8583 ISO 20022 ISOs Faster Payments 49

PYMNTS

JUNE 20, 2016

The Federal Reserve is pushing for adoption of the ISO 20022 global payments messaging standard, a move industry analysts say could streamline B2B payments, especially cross-border. “Anything new that comes out will almost certainly be with this standard,” Carlsson said of ISO 20022.

ISO 20022 40

ISO 20022 ISOs Fed AFP 40

PYMNTS

SEPTEMBER 7, 2017

“Through the strategies and tactics outlined in this next steps plan, the Federal Reserve will support continued industry momentum toward safe, ubiquitous, faster payments for our country.”. According to the Fed, payments must not only be faster, they must also be safe and ubiquitous. Cross-Border Payments.

Fed 49

Fed Federal Reserve Cross-Border Payments Cross-Border 49

PYMNTS

MARCH 17, 2020

As Caldeira told PYMNTS, “You need to integrate all these networks together to exchange the messages … nothing else can happen without industry-level agreements.”. However, even with messaging standardization undertaken at country or industry level, there is still a risk that cross-network integration gets done on a peer-to-peer basis.

Innovation 91

Innovation Cross-Border Cross-Border Payments Payment APIs and Integration 91

PYMNTS

AUGUST 7, 2019

Faster payments are quickening the pace of billion dollar acquisitions in the payments space. billion USD) to buy Nets, a Denmark based payments platform. Mastercard said Tuesday (Aug. 7) that it would spend 2.9 billion Euros, ($3.2 The Use Cases.

Visa 77

Visa Acquirers Real Time Payments ISO 20022 77

PYMNTS

AUGUST 15, 2019

In today’s digital age, however, speedy transactions depend on payment rails that support rapid settlement and messaging standards that enable sending and quickly processing comprehensive payment details. . NACHA also offers a tool to help firms send ISO 20022-approved remittances data for B2B payments. .

ISO 20022 58

ISO 20022 ISOs Interoperability Message Standards 58

PYMNTS

MARCH 14, 2019

Kohli pointed to SWIFT’s gpi initiative as a significant driver of innovation and progress in the cross-border transaction market, and an example of the impact of payments innovation to not only make global payments more efficient, but to promote the adoption of faster payments functionality.

Global Payments 77

Global Payments Cross-Border Payments Cross-Border ISO 20022 77

PYMNTS

FEBRUARY 7, 2018

The analysis was released as Payments Canada moves forward with its Modernization initiative to promote faster payments in the country while ensuring security. Payments Canada highlighted the potential in adopting the ISO 20022 payments messaging standard as a way to enrich transaction data.

Process 49

Process ISO 20022 Cross-Border Payments Payment Message 49

PYMNTS

OCTOBER 22, 2019

As commerce becomes 24/7 and strives for speed and transparency, Kohli noted that “flat currency models” and infrastructure are the future of payments. Building on new initiatives to overlay legacy systems (like ISO 20022 messaging standards) can aid in those endeavors.

Cash Management 41

Cash Management ISO 20022 Message Standards Faster Payments 41

PYMNTS

JULY 3, 2018

Earlier this year, the NPSO took responsibility for the Bacs Payment Schemes Limited and Faster Payments Scheme Limited. ’s efforts to streamline its payments infrastructure and ecosystem. The mergers and consolidations are part of the U.K.’s

Continuity 40

Continuity ISO 20022 Message Standards Faster Payments 40

PYMNTS

SEPTEMBER 13, 2018

As FinTechs step into the cross-border payments and foreign exchange (FX) management space, there are more solutions available than ever before for corporates seeking to gain speed and security in payments – and manage risk along the way. This embrace comes as corporates are just starting to work with faster payments.

Cross-Border Payments 40

Cross-Border Payments Cross-Border Risk Same Day ACH 40

PYMNTS

AUGUST 1, 2019

Payments messaging firm SWIFT has taken recent steps to promote interoperability of its payments network, recently announcing that it would allow blockchain platforms to loop into SWIFT’s global payments innovations (GPI) service to facilitate real-time transactions. Across the pond, meanwhile, the U.S.’s

Interoperability 61

Interoperability ISO 20022 Cross-Border Correspondent Bank 61

PYMNTS

SEPTEMBER 17, 2018

Processers enable push payments via a debit card as an alias, giving companies new options and the certainty of getting money instantly into the bank accounts of their customers. We see similar dynamics at play in the B2B payments space around the notion of real-time payments. Making the Unknown Certain.

Rules 78

Rules Zelle Payments PayPal 78

PYMNTS

APRIL 11, 2018

Last month, NACHA announced it was launching a new initiative to make B2B ACH payments more efficient. The Request for Payment program uses the ISO 20022 messaging standard to facilitate eInvoicing and receive ACH payments that correspond to that bill. percent higher than similar volume reported in 2016.

ACH Network 44

ACH Network ACH Same Day ACH Transactions 44

PYMNTS

AUGUST 16, 2019

The cross-border payment space is ready — and perhaps overdue — for disruption. Change is being fueled by shifting regulations and emerging digital technologies that enable faster payment capabilities. A separate report found 80 percent of cross-border revenues are based on B2B transactions.

Cross-Border Payments 54

Cross-Border Payments Cross-Border ISO 20022 Interoperability 54

PYMNTS

MARCH 16, 2016

When analysts from SWIFT and its ISO 20022 Registration Authority took a look at the various efforts behind adoption of the global messaging standard in 2014, a report found that while implementation projects were on their way across Europe, Russia and Africa, among the laggards were the U.S. in its faster payments initiatives.

ISO 20022 40

ISO 20022 ISOs Message Standards Cross-Border 40

PYMNTS

DECEMBER 4, 2018

Drilling down a bit from pan-European efforts in payments infrastructure to more granular ones, in the U.K., a Bank of England consultation about the embrace of messaging standards – specifically, ISO 20022 – has garnered support of a Common Credit Message (CCM) that looks for harmonization of messaging across interbank payment efforts.

Instant Payments 50

Instant Payments ISO 20022 SWIFT ISOs 50

PYMNTS

JULY 25, 2016

The push to adopt a messaging standard that is truly global — that would be ISO 20022 — stops at the U.S. As has been much documented, Europe has embraced the payments initiative, which expands messaging capabilities and has as its central core tenet standardized (but flexible) messaging across FX, transactions and payments rails.

ISO 20022 40

ISO 20022 ISOs Federal Reserve Message Standards 40

PYMNTS

MAY 3, 2016

“This is perhaps unsurprising,” ACI stated of this conclusion, “given their urgent need to modernize aging legacy systems to operate in an increasingly mobile and real-time payments environment.”. Real-Time Payments A Bust?

ISO 20022 40

ISO 20022 Real Time Payments Payments Non-Bank 40

PYMNTS

MAY 8, 2017

Real-time payments initiatives are under way all across the globe, but there is little consistency across jurisdictions regarding how the financial services sector takes on the initiative or where each market is at in terms of progress in achieving real-time payments capabilities. In the U.S., For instance, in the U.K.

Real Time Payments 46

Real Time Payments TCH ISO 20022 ACH 46

PYMNTS

JANUARY 20, 2017

19) that its service is compliance with the European Payments Council’s (EPC) SCTInst Scheme, a instant credit transfer payment scheme, and is aligned with ISO 20022 messaging standards. EBA Clearing’s technology will enable real-time payments across the EU 24/7. The firm said Thursday (Jan.

Real Time Payments 40

Real Time Payments ISO 20022 Payments Tools Message Standards 40

PYMNTS

SEPTEMBER 18, 2017

In the document, titled “Federal Reserve Next Steps in the Payments Improvement Journey,” the central bank said that it will underpin group efforts to continue to boost faster payments in the U.S., In the FinTech arena, Bloomberg reported late last week that regulators in the U.S.

Cryptocurrency 40

Cryptocurrency Money Laundering Federal Reserve ISO 20022 40